Group Review – Trade With One Of Our Highly Recommended Forex Brokers
FIBO Group has been in the industry for a very long time, and has time and again proved how dedication to top-notch customer service and high standards of trading conditions could enable a company to establish itself as an industry leader in the highly competitive Forex market. FIBO Group started its journey in 1998 and began adding FX and other CFD trading services in the early 2000s. With a strong presence in the EU, FIBO Group continues to capitalize on its extensive experience in the industry by continually refining its services and evolving its operational standards according to their clients’ requirements. FIBO Group has its offices in Cyprus, the British Virgin Islands, Singapore, China, Russia, and Germany.
Best Online Forex Brokers – List
|Broker||Min Deposit||Welcome Bonus||Rating|
|$ 5||$30 No-Deposit Bonus**||Review|
|$ 100||up to $5000||Review|
**Trading bonus are not eligible for clients registered under Trading Point of Financial Instruments Ltd and Trading Point of Financial Instruments UK Ltd.
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- Website: www.fibogroup.eu
- Support: +357 25 105 641
- Agias Fylaxeos, 182
- Kofteros Business Center
- Office 103
The company aims to offer localized support for its clients, but there is still a long way to go to set up representative offices in different parts of the world. Regardless, FIBO Group deserves a good amount of credit for trying to expand its reach to different countries, which is certainly a great proposition for new, as well as existing clients. Even though the broker has offices in a wide variety of geographic locations, FIBO Group regulation is primarily carried out by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Commission (FSC) of the British Virgin Islands (BVI).
Is Trading With FIBO Group Safe Under CySEC & FSC Regulation?
FIBO Group has been a regulated member of both the CySEC and the FSC for a long time and has been adapting to all the regulatory changes implemented by the agencies under different global requirements for financial companies’ regulations. Cyprus became a part of the European Union during the advanced European MiFID derivatives, which further strengthened the CySEC as a leading financial regulator in the European Union. CySEC is now globally recognized as one of the best regulatory authorities in the industry, and clients have been reporting excellent services and safety of funds while dealing with Forex brokers based in Cyprus. The BVI FSC is not as accomplished or as reliable as the CySEC, which may diminish the value of the regulatory license to some extent. The British Virgin Islands is considered to be a favorite tax haven, and traders have a fair amount of mistrust from brokers originating from the BVI. Nevertheless, FIBO Group makes it clear that only its parent company is regulated by the FSC of the BVI, while all Forex trading activities and allied accounts are regulated and supervised by the CySEC under the great MiFID guidelines. FIBO Group keeps your funds safe and secure from all types of financial malpractices, which is ensured by the CySEC’s regular auditing process. The regulator has also implemented the EU MiFID’s policy of holding client funds in segregated accounts at tier-1 banks in Europe. CySEC regulated brokers cannot use their traders’ investments for any of its internal operations or other types of funding, which ensures that traders can ensure that their funds will only be used to maintain their position in the market. In the unfortunate event of any bankruptcy or broker liquidation, FIBO group compensates its traders up to €20,000 through the Investor Compensation Fund (ICF).
FIBO Group Trading Accounts For All Categories Of Traders
FIBO Group has developed an extensive portfolio of trading accounts for different types of traders and their trading requirements. As a trader, you should have at least $300 to open a FIBO Groups account, which is indeed considered to be slightly on the higher side. Regardless, $300 offers you access to a No Dealing Desk (NDD) model that connects you directly to an interbank liquidity provider. The minimum trading volume starts from 0.01 lots for all accounts, and there are no maximum restrictions on the number of lots or the maximum amount of positions. Due to the direct market access nature of FIBO Group’s trading accounts; all orders are filled at market price, which is devoid of any requotes. However, ECN and DMA conditions do induce slippages and partial filling of orders, which is an acceptable. The trading accounts are differentiated according to the different FIBO Groups trading platforms that are offered by the company. FIBO Group supports the MT4, the MT5, and the cTrader as their primary trading platforms for direct market access trading. Both the MT4 and the MT5 terminals are licensed from the MetaQuotes, while cTrader is a popular alternative to the MT4 that is developed by Spotware. All FIBO Group platforms from are connected through ECN protocols, which guarantees the best pricing and lowest spreads in the market. The first type of account is the MT4 NDD account, which offers FIBO Group spreads starting from 0 pips. The MT4 NDD account has a commission of 0.003% of the transaction amount, while the real-time spreads can be in the range of 0 to 1 pip. If you don’t want to pay a commission for your trades, then the MT4 NDD No Commission account can offer you a 0% commission promise for a slightly higher spread starting from 0.8 pips. The broker has simply incorporated the commission into the spread as a markup, but it does offer straightforward fees for trading without accounting for any commissions. The MT4 NDD and the MT4 NDD No Commission accounts offer access to 32 and 38 different instruments respectively. The third type of account is the cTrader NDD account, which as almost similar conditions to the MT4 NDD account. There are subtle differences such as a 100% margin call (the MT4 NDD accounts have 50% margin call) and access to around 41 different currency pairs. The MT4 accounts get a maximum FIBO Group leverage of 1:400, while the cTrader account provides a maximum of 1:100. Other trading conditions such as the spreads and commissions remain mostly identical, but the cTrader has a slight edge over the MT4 regarding the speed of execution, price clarity, and charting functionalities. The fourth and final type of trading account is the MT5 NDD account, which is reserved for clients making deposits larger than $500. The spreads start from 0 pips, but traders can enjoy better commissions that reduce according to the size of the transactions. You should expect to spend anywhere from $20 to $30 per million USD traded, which is certainly one of the least commissions in the industry. The maximum leverage for the MT5 NDD account is also limited to 1:100 and you do get access to 42 different currency pairs. The MT4, MT5, and cTrader platforms can also be downloaded on your smartphone and tablets for a reliable and secure FIBO Group mobile trading experience. Although MT4 is the most popular trading platform for retail traders, cTrader is considered as the best ECN platform, as it is the only platform that connects traders directly to the ECN liquidity provider. Regardless of your choice, all FIBO Group trading interfaces are guaranteed to improve your trading experience. FIBO Group is one of our most recommended Forex brokers, and we are quite impressed by the amount of professionalism and dedication to service from the broker’s part. With the kind of products on offer, FIBO Groups does have a chance to dominate the market to give stiff competition to the established brokers in the market.